Lawmakers have not reached a deal to prevent the looming tax hikes and spending cuts that make up the fiscal cliff, but talks between Vice President Biden and Senate GOP Leader Mitch McConnell (Ky.) have narrowed differences between the two sides.
“Mark my words, you’ll raise tax rates and you’ll feel good because you got those rich people,” Paul said. “But guess what, you won’t get any more economic growth, but you’ll be able to say you stuck it to those rich people.”
Democrats have proposed extending the Bush-era tax rates for families making less than $250,000 a year, but some have said they’d be willing to raise that threshold, while Republicans have said they’d prefer not to let the tax rates increase on any income level.
“If it’s bad for taxes to go up on a bunch of people, then why would it be okay for it to go up on anybody?” Paul said. “Well, they’re rich … but you’ll take money from the productive, private sector and put it into the nonproductive sector that is Washington.”